Startup Issues – Technology Transactions Todayhttps://www.techtransactionstoday.com
Insights, tips and trends in technology transactions from the country’s leading technology lawyersMon, 18 Feb 2019 09:00:39 +0000en-UShourly1https://wordpress.org/?v=4.9.9https://emergingcompanyexchange.foleylardnerblogs.com/wp-content/uploads/sites/5/2018/04/cropped-foley-site-icon-32x32.pngStartup Issues – Technology Transactions Todayhttps://www.techtransactionstoday.com
3232Have Electric Scooters Pushed Cities Too Far? https://www.techtransactionstoday.com/2018/09/24/have-electric-scooters-pushed-cities-too-far/
https://www.techtransactionstoday.com/2018/09/24/have-electric-scooters-pushed-cities-too-far/#respondMon, 24 Sep 2018 08:00:53 +0000https://www.techtransactionstoday.com/?p=2380
In our May 31 article, “Scooters – The Next Mobility Wave”, we talked about how electric scooters such as Lime, Bird, and Spin have been taking cities by storm. We noted how they are many times met with enthusiasm by the younger and more adventurous residents who can easily find a scooter using an app...… Continue reading this entry]]>

In our May 31 article, “Scooters – The Next Mobility Wave”, we talked about how electric scooters such as Lime, Bird, and Spin have been taking cities by storm. We noted how they are many times met with enthusiasm by the younger and more adventurous residents who can easily find a scooter using an app on their phone, unlock it by scanning a code on the handle, and off they go. On the other hand, cities and municipalities, are cautious to embrace the new technology (sound familiar?), frequently at the behest of the older or less technologically adept residents. Often, these cities cite a host of problems, including pedestrian injuries, people riding on sidewalks, riders not wearing helmets and unused scooters blocking walkways and critical access to curb space. Across the country, cities’ approaches to handing these new forms of transit have been mixed, at best, and convoluted at worst.

In many cities, these scooters are dropped off in the dark of the night, appearing with the morning dew, without warning or an offer of assistance to cities or the residents. As a result, it’s been the Wild West for the adventurous scooter pioneers, navigating potholed streets and pedestrian laden sidewalks as these scooters hit speeds close to 15 mph. Scooter companies have, in many instances, hoped cities will simply accept these new transit devices into the fabric of their urban infrastructure without much of a fight. But, cities have been fighting back and now scooter companies are starting to take notice.

In Ann Arbor, Mi, the city council provided Bird with notice that their scooters currently violate city ordinances that prohibit the use of electric scooters on sidewalks and in bike-specific travel lanes, but noted that they are allowed on streets up against the right-most curb. That said, an Ann Arbor spokeswoman told the Detroit Free Press that “the scooters’ very essence violated a city ordinance [noting that] motorized vehicles cannot be used on sidewalks or impede public right-of-way.” The spokeswoman continued by noting that “Scooters also cannot be parked on roads, sidewalks or bike paths and must be clear from driveways, access ramps and fire hydrants.” As a result, the city has taken the approach of confiscating any scooter currently left in the city, and locking them in a secured trailer on city property.

Similarly, in June and July of this year, the city of Indianapolis sent cease and desist letters to Bird and Lime regarding scooter operations in the city. Indianapolis, rather than outright confiscating the scooters opted to pursue a licensing, stating that is illegal for any scooter company to operate within city limits without a license. While Lime complied with the cease and desist letter within two days, pulling all scooters off the street, Bird waited almost 3 weeks before complying. Moving forward, although Bird notes that “[t]he people of Indianapolis have enthusiastically embraced shared electric scooters,” the city says they will “consider, among other factors, the extent to which the applicant’s operations or the use of the applicant’s Shared Mobility Devices have complied with current law” when considering the approval of a permit, on top of the $15,000 annual licensing fee required.

After experiencing the trials and tribulations opening shop in the “dark of night”, scooter companies are starting to realize creating less issues for cities is likely better than hoping they can simply be ignored. In an attempt to tackle the issues of dangerous and reckless riders, Bird is looking at new technology to keep riders honest and accountable. In San Diego, Bird has partnered with the city to share data on riding habits and now allows consumers to report dangerous riders in the Bird app. Bird and Lime have also looked into modifying the GPS components of the scooters to regulate speeds or disable scooters entirely when entering into high traffic areas. For example, San Diego is considering such limitations on riverwalks and boardwalks where the scooter can be regulated down to a safe speed or stopped entirely, until the rider leaves a pre-determined geofenced area. Additionally, these companies are looking into technologies that can assist with sensing when a scooter is being used on sidewalks, based on certain changes ride conditions, and encourage riders to use roads to avoid pedestrians and congestion.

]]>https://www.techtransactionstoday.com/2018/09/24/have-electric-scooters-pushed-cities-too-far/feed/0Michigan Doubles Down on Mobility and Announces a new Eight Million Dollar Grant Programhttps://www.techtransactionstoday.com/2018/07/05/michigan-doubles-down-on-mobility-and-announces-a-new-eight-million-dollar-grant-program/
https://www.techtransactionstoday.com/2018/07/05/michigan-doubles-down-on-mobility-and-announces-a-new-eight-million-dollar-grant-program/#respondThu, 05 Jul 2018 08:00:00 +0000https://www.techtransactionstoday.com/?p=2336
Michigan, the cradle of the American automotive industry, has made no secret of its desire to remain an industry leader in mobility as the industry continues to evolve. On May 30, 2018, Michigan announced a new $8 Million Michigan Mobility Challenge grant that would be available to fund new mobility projects across the state. The...… Continue reading this entry]]>

Michigan, the cradle of the American automotive industry, has made no secret of its desire to remain an industry leader in mobility as the industry continues to evolve. On May 30, 2018, Michigan announced a new $8 Million Michigan Mobility Challenge grant that would be available to fund new mobility projects across the state. The “mobility industry” is a term of art, the exact definition of which often depends on who is being asked. Generally speaking, the term is used to refer to a variety of products and services involved in the business of how people get around, including everything from traditional automotive manufacturers, to ride hailing apps, to autonomous public transportation.

The Michigan Mobility Challenge grant follows on the heels of other recent actions by the state to position itself as a destination for the next generation of mobility industry companies. Among other things, Michigan has enacted legislation to allow autonomous vehicles on its roads, revised the regulatory framework applicable to ride hailing companies such as Uber and Lyft, and approved tens of millions of dollars in funding for the new American Center for Mobility, a 500-acre proving ground for driverless cars and other new technologies.

In its latest initiative, Michigan is making available $8 million in grant funding for pilot mobility projects aimed at filling unmet needs in the current transportation system. Specifically, Michigan Department of Transportation (MDOT) is looking for mobility solutions that target issues facing seniors, persons with disabilities, and veterans. MDOT is looking to fund a diverse portfolio of pilot projects that it hopes can give rise to financially sustainable services after the pilot phase is complete. Grants awarded under the program are intended to fund only part of the project during the pilot phase, with MDOT expecting the balance to come from other funding sources (including fares).

Proposals will be scored by MDOT (with input from various other agencies) in the first instance on a variety of factors, including: (1) clarity of the mobility gaps that they are intended to address; (2) innovation; (3) methods for recruiting/supporting the targeted population; (4) financial sustainability of the service after the demonstration period; (5) coordination efforts among different mobility partners; (6) utilization of existing transportation networks; (7) evaluation and plan/metrics; (8) capacity and experience of the proposal team; and (9) overall completeness and quality of the proposal.

For those proposals that make it through to the second round, final selections will be made based on MDOT’s desire for diversity in the mobility options and technologies that will be used, as well as diversity in the geographic areas and populations targeted by the proposal. MDOT’s desire to fund multiple projects also means that the funding available for any given project will be limited. In its Call for Projects, MDOT notes that it does “not envision funding multiple projects over a million dollars each.”

Anyone interested in submitting a proposal for consideration will have to act fast. Proposals for projects are due by July 16, 2018. Instructions and details regarding the program are available on the MDOT website.

]]>https://www.techtransactionstoday.com/2018/07/05/michigan-doubles-down-on-mobility-and-announces-a-new-eight-million-dollar-grant-program/feed/0Highlights from the Foley & Lardner LLP/BNY Mellon Wealth Management Tech X 2018 Conferencehttps://www.techtransactionstoday.com/2018/06/11/highlights-from-the-foley-lardner-llp-bny-mellon-wealth-management-tech-x-2018-conference/
https://www.techtransactionstoday.com/2018/06/11/highlights-from-the-foley-lardner-llp-bny-mellon-wealth-management-tech-x-2018-conference/#respondMon, 11 Jun 2018 08:00:17 +0000https://www.techtransactionstoday.com/?p=2313
What lessons can be learned from serial and successful entrepreneurs? How does one build a great team? What challenges and opportunities do today’s business owners and entrepreneurs face? How secure is your internet-connected technology from cyberattack? Those were just some of the topics covered at the Foley & Lardner LLP/BNY Mellon Wealth Management Tech X...… Continue reading this entry]]>

What lessons can be learned from serial and successful entrepreneurs? How does one build a great team? What challenges and opportunities do today’s business owners and entrepreneurs face? How secure is your internet-connected technology from cyberattack?

Those were just some of the topics covered at the Foley & Lardner LLP/BNY Mellon Wealth Management Tech X 2018 conference, a half-day event in Chicago on May 17, that brought together nearly two dozen leading experts and entrepreneurs for a wide-ranging discussion of some of the biggest issues and challenges confronting new and growing companies today. Foley’s Chris Cain, a partner in Foley’s Transactions Practice and Technology Transactions & Outsourcing Practice, and Lisa Conmy, a partner in Foley’s Finance Practice and Venture and Growth Capital Practice, hosted the event, along with Jennifer Lucas, a Senior Director at BNY Mellon Wealth Management.

The event, which drew an audience of nearly 150 business executives, entrepreneurs, investors, and lawyers, treated the attendees to a series of panel discussions, a keynote address by Pamela Netzky, co-founder and former president of SkinnyPop Popcorn, a buffet lunch, and several networking opportunities.

The program opened with a Q & A with three entrepreneurs who either founded or played a critical role in several successful startups: Daniel Berg, currently chief technology officer at JumpCloud, a cloud-based directory-as-a-service provider; Randi Brill, now chief creative officer and lab guru at QuaraCORE, a Chicago creative design agency; and Scott Wald, founder and president of Romar Services, a private family office and investment firm.

The three panelists fielded questions on a variety of subjects, including what the allure of being a serial entrepreneur is, what they learned from their biggest mistakes and/or failures, how much planning they put into their exit strategies, and what words of wisdom they have for those who wish to follow in their footsteps.

The opening session was followed by several breakout sessions, including one focused on building a great team. Panelists included Danielle Drabkin, managing partner of Chicago-based technology startup The Minte, a hotel-style housekeeping service; Stuart Frankel, co-founder and CEO of Narrative Science, a Chicago-based technology company; and Peter Rahal, co-founder and CEO of natural protein bar maker RXBAR.

They discussed, among other things, what sort of attributes they look for in the people they hire, how to build a more cohesive team, how to motivate and reward valued employees, and how to manage conflict.

Retrum opened the session by noting that there are now more connected devices in the world – an estimated eight billion – than there are people. And that number is expected to rise to one trillion in the next five years.

He also demonstrated how vulnerable such technology can be to cyberattack by recounting the case of the Las Vegas casino that was hacked last year through the Internet-connected thermometer in the aquarium in its lobby. Once there, the hackers managed to access the casino’s database of high-roller gamblers.

The ½ day conference ended with a keynote address by Netzky, who told the unlikely story of how she and SkinnyPop co-founder, Andy Friedman, turned one man’s obsession with Chicago-based tourist favorite Garrett’s popcorn (Friedman’s father) into one of the world’s largest and fastest growing “better for you” snack food brands.

Netzky attributed the phenomenal success of SkinnyPop, which is now sold in more than 50,000 stores throughout North America and Europe, to being in the right place at the right time with the right product.

“I can’t tell you enough how grateful I am to have been on this crazy rocket ship,” she said. “It’s been the experience of a lifetime.”

]]>https://www.techtransactionstoday.com/2018/05/21/emerging-automotive-technologies-program-may-22-2018/feed/0V4 Global B2B Tour and Medtech/Healthtech Startup Pitch Competitionhttps://www.techtransactionstoday.com/2018/05/02/v4-global-b2b-tour-and-medtech-healthtech-startup-pitch-competition/
https://www.techtransactionstoday.com/2018/05/02/v4-global-b2b-tour-and-medtech-healthtech-startup-pitch-competition/#respondWed, 02 May 2018 19:15:06 +0000https://www.techtransactionstoday.com/?p=2264
The mission of the Startup Campus V4 Global B2B Tour is to boost the discoverability of the regional startup ecosystem and highlight the economic and innovation potential of the Visegrad Group (V4), a cultural and political alliance of four Central European nations – Hungary, Poland, Slovakia, and the Czech Republic. The tour’s weeklong stop along...… Continue reading this entry]]>

The mission of the Startup Campus V4 Global B2B Tour is to boost the discoverability of the regional startup ecosystem and highlight the economic and innovation potential of the Visegrad Group (V4), a cultural and political alliance of four Central European nations – Hungary, Poland, Slovakia, and the Czech Republic.

The tour’s weeklong stop along the East Coast focuses on the health care industry vertical and invites selected medtech and healthtech startups from the V4 region to participate in B2B meetings and programs planned in collaboration with local partners in Boston and New York City.

Foley is pleased to showcase these startups in our Boston office on Monday, May 7, during a pitch competition that is free and open to the public. Each startup will present a 10-minute pitch, followed by a Q&A session with a judges panel. Upon hearing from all participants, the judges will deliberate and announce the winner.

Please plan to join us for this unique event, and show your support for the local health care and life sciences industries as well as the global startup community! Plus, take advantage of an update on health care in the United States before the start of the pitch competition, and stay after to connect with the startups and other industry guests during a networking reception.

There is no fee to attend this event, but advance registration is required. Please let us know if you can attend by clicking here. For more information on the event including the hosts, judges and pitch competition teams, click here.

]]>https://www.techtransactionstoday.com/2018/05/02/v4-global-b2b-tour-and-medtech-healthtech-startup-pitch-competition/feed/0Foley's Automotive Technology Programhttps://www.techtransactionstoday.com/2018/04/30/foleys-automotive-technology-program/
https://www.techtransactionstoday.com/2018/04/30/foleys-automotive-technology-program/#respondMon, 30 Apr 2018 13:30:25 +0000https://www.techtransactionstoday.com/?p=2249
Join us for Foley’s Emerging Automotive Technologies: Tomorrow’s Trends Today where industry leaders will discuss fully connected and self-driving cars, improvements to alternative energy for vehicles, and several other technologies being used in the automotive industry. REGISTER HERE This program will showcase industry leaders, venture capitalists and legal professionals as they share insights around how companies...… Continue reading this entry]]>

SAVE THE DATE: November 30, 2017 from 3:00 p.m. to 8:30 p.m. Venture Cafe is located at One Broadway, 5th Floor, Cambridge, MA 02142. Please join us for all or a portion of the event.

Through IoT Connect, we will delve into security, new applications, adoption, and the expan ding ecosystem for new Internet of Things (IoT) / cloud ventures. This special ‘conference night’ event seeks to bring together the brightest minds who are building, funding and innovating with IoT in the Greater Boston area across the varied applications of connected technologies.

Come prepared to not only hear the best ideas and see the latest technologies but also to participate in building Boston’s IoT / cloud innovation.

IoT Connect 2017 will feature office hours with various Foley attorneys and other professionals and business experts where early stage ventures and prospective entrepreneurs have an opportunity to sign up for 30-minute consultations, as well as demonstrations, workshops, panels all focused on what’s happening in IoT.

]]>https://www.techtransactionstoday.com/2017/11/15/foley-lardner-to-sponsor-iot-connect-2017-at-venture-cafe/feed/0Cloud Computing 101: Tips to Control Wastehttps://www.techtransactionstoday.com/2017/11/14/cloud-computing-101-tips-to-control-waste/
https://www.techtransactionstoday.com/2017/11/14/cloud-computing-101-tips-to-control-waste/#respondTue, 14 Nov 2017 16:50:50 +0000https://www.techtransactionstoday.com/?p=2105
In an industry poised to exceed $250 billion in the the coming years, there isn’t a better time to review your cloud deals to ensure your company is getting maximum value for its cloud spend. As Ian Barker reports, companies are wasting an enormous amount of money on cloud services. These excess costs can be reduced...… Continue reading this entry]]>

In an industry poised to exceed $250 billion in the the coming years, there isn’t a better time to review your cloud deals to ensure your company is getting maximum value for its cloud spend. As Ian Barker reports, companies are wasting an enormous amount of money on cloud services. These excess costs can be reduced and even avoided.

Here are some things to think about when entering into cloud-based transactions:

Size your environment correctly. Make sure your environment is sized correctly. Barker reports that “Forty percent of [cloud-based application] instances are sized larger than is required for the workload and could be resized — and therefore made cheaper — without impacting performance of the application.” An environment that is larger than your business needs results in wasted spend. A key benefit of cloud-based applications is the flexibility to re-size your environment periodically. Ensure that your contracts permit this and spend the time to periodically audit your environment to ensure you are using what you have — if you need more, ramp up, and if you have too much, control your cloud costs by scaling down.

Turn them off! How many of your virtual machines run 24X7 (even though they aren’t being used). As Barker tells us “Turning [your virtual machines] off during times they are not in use can make significant savings. For example, shutting down development instances that are not used at night and at weekends can save 67 percent of the spend.”

Check your contracts. Typically a cloud computing service will be offered on a “pay as you go” or “pay per use” cost structure (e.g., per virtual machine each hour, per gigabyte of storage each month). Accordingly, your cloud agreements should provide for the ability to both add and remove resources, with a corresponding upward and downward adjustment of the service fees. While the best time for the customer to negotiate rates for incremental use is before signing the agreement, you can periodically re-visit your agreements and engage with suppliers to negotiate more favorable and market-based terms. Additionally, it is fairly common for customers to lock in recurring fees for a period of time (e.g., one to three years) and thereafter a fee escalator based on a pricing index like CPI.

Watch for additional fees. As part of your cloud transactions ensure that you have identified and included in the fees all potential supplier revenue streams (or, at the very least, if all revenue streams aren’t included in the fees you are paying, you nonetheless know what they are, can anticipate them, and include them in your company’s budgeting process). It is fairly common for providers to attempt to charge additional fees for such things as storage after a certain amount of data, or for software updates.

Processes matter. Your company’s internal business processes and practices may also be contributing to your cloud computing waste. As Barker reports, “A further cause of waste is a decentralized approach, where departments and business units are able to set up their own cloud instances with no need to go through lengthy approval processes.” Unfortunately, this also means that transaction documents aren’t getting reviewed by lawyers who know what to look for in these types of transactions and know what to negotiate in order to ensure that the company is extracting maximum value out of the relationship and the cloud environment. Implement a process to reduce the ability of business units to enter into unchecked transactions.

]]>https://www.techtransactionstoday.com/2017/11/14/cloud-computing-101-tips-to-control-waste/feed/0Tech Startups Play Critical Role in Development of Self-Driving Cars, According to Foley Surveyhttps://www.techtransactionstoday.com/2017/10/31/tech-startups-play-critical-role-in-development-of-self-driving-cars-according-to-foley-survey/
https://www.techtransactionstoday.com/2017/10/31/tech-startups-play-critical-role-in-development-of-self-driving-cars-according-to-foley-survey/#respondTue, 31 Oct 2017 08:00:36 +0000https://www.emergingcompanyexchange.com/?p=2071
Automakers and suppliers have been joined by a growing list of early-stage and established technology companies from outside the traditional automotive supply base in the race to build a truly connected car, and ultimately the first completely autonomous vehicle. That was among the key themes that emerged in Foley’s 2017 Connected Cars & Autonomous Vehicles...… Continue reading this entry]]>

Automakers and suppliers have been joined by a growing list of early-stage and established technology companies from outside the traditional automotive supply base in the race to build a truly connected car, and ultimately the first completely autonomous vehicle.

In many cases, startups are leading the charge with groundbreaking innovation and advancements in connected and autonomous capabilities, including Advanced Driver Assistance Systems and vehicle-to-vehicle communication technology, among other areas ripe for investment and development. These emerging players are increasingly understood and viewed by traditional automakers and suppliers as direct competitors, but also as potential collaborators, signaling a growing acceptance of these new entrants in the automotive space.

When asked about their primary strategy for developing technology for connected cars and/or autonomous vehicles, roughly half of automotive industry respondents indicated a focus on strategic or commercial partnerships with, and/or licensing technology from, startups and technology companies. Similarly, a comparable number of startup respondents said they were positioning their businesses for such arrangements or alliances, where they can retain a narrower focus and serve traditional automakers and suppliers in need of more nuanced technologies with specific applications (e.g., battery charging, visual recognition and imaging, exterior radar, fuel-efficient shifting, etc.)

“The next 15 years will be very interesting with a mixed field of technologies and approaches offering plenty of opportunities for new players to explore disruptive approaches,” said one startup respondent.

We agree wholeheartedly, as the survey results affirm the important role of new technologies and how best to integrate them into traditional automotive supply chains.

]]>https://www.techtransactionstoday.com/2017/10/31/tech-startups-play-critical-role-in-development-of-self-driving-cars-according-to-foley-survey/feed/0Looking Ahead: Top Issues Impacting the Tech Industry in 2017https://www.techtransactionstoday.com/2016/11/03/looking-ahead-top-issues-impacting-the-tech-industry-in-2017/
https://www.techtransactionstoday.com/2016/11/03/looking-ahead-top-issues-impacting-the-tech-industry-in-2017/#respondThu, 03 Nov 2016 21:46:44 +0000https://www.emergingcompanyexchange.com/?p=2049
As technology continues to reshape how business gets done and the way people live their lives, there are many reasons to be excited about the tech industry’s prospects heading into 2017. The more than 300 executives, investors, and advisors that recently convened in Boston for Foley & Lardner’s annual FoleyTECH Boston 2016 conference, discussed the...… Continue reading this entry]]>

As technology continues to reshape how business gets done and the way people live their lives, there are many reasons to be excited about the tech industry’s prospects heading into 2017. The more than 300 executives, investors, and advisors that recently convened in Boston for Foley & Lardner’s annual FoleyTECH Boston 2016 conference, discussed the opportunities in the current marketplace, as well as the key challenges facing companies in today’s dynamic data-driven economy.

Here are the highlights from the event’s two keynote speakers and six panel discussions.

1. Information Security Rises Above the Fray

Amid continued cyberattacks and rising volumes of data being generated and curated by companies, information security is a top priority for most organizations. Recent advancements – including Internet of Things (IoT) technologies and autonomous features in vehicles – have created new and unique challenges that affect the business models and risk profiles for those active in these spaces.

According to a panel of industry experts, IoT devices and systems expanding the points of entry into even the most protected homes and businesses, while also increasing the amount of sensitive data that can be collected. The panelists unanimously agreed that building security systems from the ground up is critical, as well as reconsidering the types of data worthy of protection due to more sophisticated consumer bases that are demanding to know when, how, and why their data is being collected, used, and shared.

Featured lunch keynote, Carlos Bhola, managing director of Celsius Capital, discussed the social, economic, and legal implications of the growing market for connected and autonomous vehicles. He noted that privacy and security issues are even more prevalent with the potential for hackers to take control of a car and the ability to track and collect copious amounts of information on drivers.

2. Finding Capital and Timely Exits

Later in the day, a panel discussion entitled “Exit Stage Left: Liquidity Success in Today’s Economy” focused on entrepreneurs seeking funding and strategies for successful exits. As one panelist aptly put it, “We are currently in the late innings of the best M&A market of the last several decades and many sellers are concerned about missing the high-value window by waiting to pursue an exit.” The panel also weighed the pros and cons of engaging strategic investors versus financial buyers in terms of retaining a company’s culture and reducing uncertainty. They noted the importance of understanding founders’ differing motivations and interests related to making the choice between cashing out and walking away or continuing to lead the company.

A separate panel on securing, preserving, and protecting capital shared the following tips for raising startup and growth capital in an increasingly competitive environment:

VCs look for entrepreneurs that embrace change, show true passion, and collaborate well with others.

It’s better to fail than to miss an opportunity. Successful entrepreneurs learn from their mistakes and build upon constructive criticism or rejection.

Raising less money can be a virtue. Early-stage companies sometimes make the mistake of asking for too much money, and giving up too much equity in return.

3. Extracting Maximum Value from Intellectual Property

In reflecting on the importance of IP to generate revenue and protect innovations, another panel discussion entitled, “The Business and Monetization of IP,” covered how to best leverage a firm’s assets. The panelists stressed the benefit of constantly identifying new innovations throughout the product development cycle and using various tools to protect IP, including patents, trademarks, copyrights, trade secrets, and contracts. They also suggested taking advantage of continuation applications – new applications based on an original patent application – to build and maintain a robust patent portfolio.

4. Global Compliance Pressure Mounts

During this era of globalization, companies that expand into international markets often find themselves in unfamiliar regulatory and compliance territory. Comprised of panelists from leading global companies, the discussion entitled, “International Expansion: Risks and Rewards,” yielded several pieces of guidance for those looking beyond the borders of the United States:

Conduct due diligence on your partners and customers.

Perform risk-based assessments in the jurisdictions and markets in which you operate and assess the corresponding compliance risks.

Document your due diligence in case you need to show a regulator that the company undertook all reasonable and necessary precautions.

Continually audit your compliance systems and assess effectiveness.

In the constantly evolving tech industry, it remains to be seen how these issues will unfold in the coming year. But, from the dynamic and thought-provoking discussions at FoleyTECH Boston 2016, we can be sure that these trends, challenges, and innovations will make for an intriguing 2017.